HORAN Capital Advisors

Entries for 2012

Individual Investor Bullish Sentiment Remains Low

 May 31 2012     David Templeton
In today's sentiment survey released by the American Association of Individual Investors, bullish investor sentiment declined to 28.02% versus last week's reading of 30.47%. The bull/bear spread was also more negative at -14% versus -8% in the prior week. Additionally, the 8-period moving average of bullish sentiment is at its lowest level, 28.7%, since March of 2009 when this average was reported...

Jason Trennert: The Bill Has Come Due

 May 28 2012     David Templeton
Jason Trennert is interviewed by Consuelo Mack on this week's WealthTrack. Jason discusses where investors should consider allocating their investments given the uncertainty surrounding the upcoming elections and the so called $537 billion "fiscal cliff" looming large at the end of the year.The fiscal cliff is in reference to the expiration of the so-called Bush tax cuts, expiration of the payroll...

Equity Put/Call Ratio Approaching 1.0

 May 20 2012     David Templeton
In the third week of August last year we noted the equity put/call ratio had climbed above 1.0 as noted in the post, Equity Put/Call Above 1.0 Again. As we wrote in that post,"The equity P/C ratio tends to measure the sentiment of the individual investor by dividing put volume by call volume. At the extremes, this particular measure is a contrarian one; hence, P/C ratios above 1.0 signal overly...

Significant Drop In Investor Bullish Sentiment

 May 10 2012     David Templeton
The American Association of Individual Investors reported a significant drop in bullish investor sentiment this morning. The bullish sentiment fell ten percentage points to 25.40% versus 35.40% last week. This week's reading is the lowest level for bullish sentiment since September 22nd last year when bullish sentiment was reported at 25.33%. The bull/bear spread is now -16.66% versus last week's ...

Earned Success Or Learned Helplessness: Choosing A College Degree

 May 9 2012     David Templeton
This post is a little bit off the path of a direct investment market or economic topic that I generally write. However, the observations do have implications for the employment market and how future college graduates might improve their employment prospects.We are entering that time of year where students are celebrating their graduation from high school and college. Having recently attended India...

Dividend Payers Outperform In April

 May 7 2012     David Templeton
Standard & Poor's April performance update for the dividend payers versus non-payers in the S&P 500 Index shows the payers outperformed in April. The outperformance was almost 200 basis points or two percentage points, 1.72% versus -.12%, respectively. In spite of the strong April performance for the payers, the payers trail the non-payers on a year to date basis, 13.35% versus 16.40%, respectivel...

Why Economic Growth Has Been So Low

 April 28 2012     David Templeton
As many of our clients and prospective clients know, we frequently discuss the strength of the corporate sector of the economy. As the below chart shows, corporate profit growth has continued to strengthen.From The Blog of HORAN Capital AdvisorsWith this level of corporate profit strength, one has to ask why economic growth (GDP) has not been stronger. The first report on first quarter GDP Friday ...

Better Investing's Most Active Stocks For The Period Ending April 28, 2012

 April 28 2012     David Templeton
Better Investing Magazine publishes the most active stocks reported by its membership. The list is based on an informal sampling of Better Investing members. Below is the list of the most active stocks for the period ending April 28, 2012Full View

Low Investor Bullish Sentiment Positive For Stock Returns?

 April 26 2012     David Templeton
Today's investor sentiment release by the American Association of Individual Investors shows investor bullish sentiment is at the lowest level since September 22, 2011. The bullish sentiment reading was reported at 27.64% or a 3.5% decline from the prior week. This is the lowest reading since the bullish sentiment reading on 9/22/2011 when bullish sentiment was reported at 25.33%. The bull/bear sp...

First Quarter 2012 Investor Letter

 April 25 2012     David Templeton
The first quarter of 2012 ended a period where the equity markets generated two consecutive quarters of strong market returns. Most investors would find the returns generated in the first quarter acceptable for returns in an entire year. The S&P 500 Index was up 12.5%, the MSCI Developed Equities Index was up 11.7% and the MSCI Emerging Markets Index was higher by 14.1%. Recent earnings reports fo...
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